Essays on Accounting Standards Committee

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Accounting Standard Setting under the Australian Conceptual Framework and Application in Business Practices

Introduction A conceptual framework establishes the concepts and provides the guidelines that underlie financial reporting. As a coherent system of notions that flow from an objective, which in turn serve to identify the purpose of financial reporting, a conceptual framework also provides guidance on the identification of the boundaries of financial reporting. Its concepts further provide guidance on the selection of transactions, related events, and circumstances to be presented, and how such elements should be summarized and ultimately reported (Financial Accounting Standards Board [FASB], 2008). One such conceptual ...

Task 1

This section presents a brief report of the research conducted on local accountancy firms. It clarifies the accounting services offered to the clients. It begins by giving an in depth understanding of the various services offered and the utility added to the client. Services generally range from independent auditing, tax advisory and financial planning advisory.

A research on services offered by local accountancy firms indicates that most of local firms offer both managerial accounting services and financial accounting services. Under managerial accounting services, the firms aid clients with the understanding of how management decisions should be made for business performance. ...